Funding arb · Price arb /

MSTR

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC+0.0046%/8h= +5.0% APRpaid last 24h −0.065%

Price spread now: Extended against BloFin−0.168%54s7-day average −0.094% · you buy dearer than you sell

Net, funding: paid 7d − costs−$45as in the Funding arb table

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$280.284% of the position

Long on BloFin Short on Extended

What this pair did over the last

the charts below follow

Funding, last 7 days−0.165%−$16 on $10k

Price spread, last 3 days (all we have)+0.173%+$17 · spread now −0.168%, 7d avg −0.094%

Together, before fees+0.009%+ Points / potential airdropExtended: Active · farm board+$1 on $10k · with fees, hour by hour

Funding pays, the price is against you. Extended is 0.074% cheaper against BloFin than usual: you would sell low and buy high (spread −0.168% now, against its 7-day average of −0.094%). If the spread goes back, that is −$7 on $10k: about 5.3 days of funding at the current rate (+$1 a day). Mind the row above: over the last 7 days funding on this pair cost −0.165%, so the current rate has only just turned in your favour. The two prices were read 54 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	BloFin MSTR-USDT	166.79	−0.0014	get 0.0014% / 8h	7h 06m	$1.1M	$1.9M	20x
Short	Extended MSTR_24_5-USD	166.51	0.0032	get 0.0004% / 1h	6m 00s	$575K	$1.9M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Extended against BloFin. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

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latest

How often the price spread is this wide · share of time at each level, last 7D show

Profit calculator

Position, each leg$Hold fordaysFee BloFinbpFee ExtendedbpOrdersPrice spread, now −0.168%Rate

Funding earned: $9.68
Price spread: −0.168% → −0.094%: −$7.39
Slippage, 4 orders: −$11.36
Fee BloFin: 6 bp × 2 orders: −$12
Fee Extended: 2.5 bp × 2 orders: −$5
Net: −$26.07
Costs to cover: 0.284%
Break-even: 25.9 days

Slippage from BloFin: live order book, 2 min ago; Extended: live order book, 2 min ago.

Cost to enter

taker fee + slippage from the mid, one side; closing costs about the same again

Leg	Half-spread	$10k	$100k	$1M	$5M
Buy BloFin live order book, 2 min ago	0.60 bp	7.7 bp −$8	10.7 bp −$107	27.7 bp −$2,773	doesn't fit
Sell Extended live order book, 2 min ago	2.70 bp	6.4 bp −$6	20.0 bp −$200	doesn't fit	doesn't fit

MSTR on 32 venues

lowest funding first. Swap a leg: a good short leg pays more funding and is priced higher.

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Gate MSTR_USDT	−0.0188%	8h	166.76	−0.018%	$4.7M	$19.2M	50x	as long as short
BloFin MSTR-USDTlong	−0.0014%	8h	166.79	long leg	$1.1M	$1.9M	20x
Aster MSTRUSDT	0.0000%	8h	166.77	−0.009%	$1.2M	$6.1M	50x	as long as short
Binance MSTRUSDT	0.0000%	8h	166.73	−0.038%	$87.6M	$614.2M	50x	as long as short
OKX MSTR-USDT-SWAP	0.0000%	8h	166.70	−0.054%	$21.5M	$99.7M	50x	as long as short
Bitget MSTRUSDT	0.0000%	8h	166.80	+0.006%	$27.7M	$113.8M	25x	as long as short
Variational Omni MSTR	0.0000%	8h	166.78	−0.004%	$1.2M	$2.0M	—	as long as short
GRVT MSTR_USDT_Perp	0.0000%	8h	167.28	+0.297%	$84K	$812K	10x	as long as short
Phemex MSTRUSDT	0.0000%	4h	167.16	+0.222%	$2.8M	$67K	10x	as long as short
Lighter MSTR	+0.0032%	1h	166.60	−0.114%	$3.5M	$2.0M	10x	as long as short

Show all 32 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Extended MSTR_24_5-USDshort	+0.0032%	1h	166.51	−0.168%	$575K	$1.9M	10x
QFEX MSTR-USD	+0.0035%	1h	166.71	−0.048%	$1.4M	$8.6M	10x	as long as short
Arcus MSTR-USD	+0.0040%	1h	167.16	+0.222%	$27K	$115K	10x	as long as short
Vest MSTR-USD-PERP	+0.0046%	1h	166.56	−0.138%	—	$1.7M	25x	as long as short
Nado MSTR-PERP	+0.0047%	1h	166.64	−0.089%	$135K	$128K	3x	as long as short
Polymarket Perps MSTR-USD	+0.0050%	1h	166.62	−0.102%	$391K	$2.7M	10x	as long as short
SoDEX MSTR-USD	+0.0050%	1h	166.68	−0.066%	$44K	$3K	10x	as long as short
Ondo Perps MSTR-USD.P	+0.0050%	1h	166.72	−0.042%	$773K	$4.8M	10x	as long as short
Coinbase International MSTR-PERP-INTX	+0.0088%	1h	166.74	−0.030%	$1.4M	$1.1M	10x	as long as short
Pacifica MSTR	+0.0100%	1h	166.76	−0.018%	$103K	$84K	10x	as long as short
KuCoin MSTRUSDTM	+0.0100%	8h	166.73	−0.036%	$2.5M	$2.7M	20x	as long as short
ApeX Omni MSTRUSDT	+0.0100%	1h	167.13	+0.204%	$4K	$204K	50x	as long as short
Orderly PERP_MSTR_USDC_mythos	+0.0100%	8h	166.80	+0.006%	$3K	$7K	10x	as long as short
Aevo MSTR-PERP	+0.0104%	1h	166.74	−0.033%	$138	—	10x	as long as short
Paradex MSTR-USD-PERP	+0.0106%	8h	166.70	−0.056%	$67	—	5x	as long as short
Injective MSTR/USDC PERP	+0.0235%	1h	169.34	+1.529%	$8K	$26K	30x	as long as short
Bybit MSTRUSDT	+0.0237%	8h	166.78	−0.006%	$15.9M	$39.5M	50x	as long as short
tradeXYZ xyz:MSTR	+0.0238%	1h	166.67	−0.072%	$56.4M	$35.8M	10x	as long as short
Phoenix MSTR	+0.0259%	1h	167.42	+0.378%	$56K	$384K	10x	as long as short
edgeX MSTRUSDC	+0.0265%	4h	167.38	+0.355%	$43K	$5.4M	10x	as long as short
RISEx MSTR/USDC	+0.0349%	1h	166.77	−0.014%	$272K	$433K	10x	as long as short
Deribit MSTR_USDC-PERPETUAL	+0.0591%	1h	166.69	−0.060%	$283K	$438K	10x	as long as short